Identifier: twentyyearsamong00smit (find matches)
Title: Twenty years among the bulls and bears of Wall street
Year: 1870 (1870s)
Authors: Smith, Matthew Hale, 1810-1879
Subjects: Securities industry
Publisher: Hartford, J. B. Burr & company
Contributing Library: Columbia University Libraries
Digitizing Sponsor: The Durst Organization

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language of the street, he is wiped out. « SALTING DOWN. When an operator has been lucky, withdraws his gains from the hazard of the street, and invests in good dividend paying stock, he is said to have salted down his money. When gains are put into real-estate, Government securities, or anything not subject to much fluctuation, the operator is said to have salted down his stock. Small dealers are doing this daily in Wall street. A lucky speculation of $100,000, or $200,000, is often put away, and held sacred for time of need, but these small transactions attract but little attention. APOOL. This differs from a combination, or a clique. A number of operators put up a sum of money. This is placed in the hands of one of the party, who alone can control it and use it. Not one of the party havea right to inquire what is done with the money, or how it is managed. The operator usually buys a block of stock quietly, and manipulates it as quietly. When the transaction is closed, the profits are divided
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CURB-STONE OPERATORS. A GET OUT.—CURBSTONE BROKERS. 71 between the parties pro rata. If the transaction is a loss, all share it alike. The Northwest and Michigan Southern were the most celebrated pools on the street. These pools were managed by the famous Henry Keepe, one of the most successful operators that Wall street ever knew. He was a man of honor, of un-blenching integrity, and was trusted beyond most men. A GET OUT. When an operator is loaded down with stock, and sells out, whether at a loss or gain, no matter how, he gets out. Parties to a pool when they get rid of a stock, and the transaction closes, in the language of street, get out. OFF MARKET. When stock declines, and strong stock becomes weak, the market is said to be off A DELIVERY. When stock is brought to the buyer according to a contract, it is delivered. The buyer must accept it, and give a certified cheek in payment. If the sale is cash, it is to be delivered and paid for the same day. If the sale is regular, it must be delived at the time named in the contract.

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